PRA Helping Consumers Recover From Identity Theft
TransUnion Program a First in Debt Buying Industry
NORFOLK, Va., Jan. 7, 2013 (GLOBE NEWSWIRE) -- In November 2010, Portfolio
Recovery Associates (Nasdaq:PRAA), a financial and business services company,
became the first debt buyer to offer a TransUnion fraud assistance service to
victims of identity theft. Now in its third year, this unique program has
helped more than a thousand people resolve identity theft and fraud issues.
According to the Federal Trade Commission (FTC), as many as 9 million
Americans have their identities stolen each year. Many people first learn of
the identity theft when they are contacted by a debt collector about an
overdue debt they didn't incur.
To help address this serious problem, PRA contracts with TransUnion to offer
an individualized service to assist victims of fraud and identity theft. PRA
pays all associated costs to provide consumers with a dedicated specialist
from TransUnion's Fraud Victim Assistance Department, who will contact
financial institutions and credit bureaus on their behalf to resolve any
fraudulent accounts. TransUnion's specialists also instruct consumers to
complete all the paperwork associated with fraud and identity theft including
police reports and credit bureau notifications.
This service is offered entirely free of charge to PRA customers once they are
determined to be potential victims of fraud or identity theft.
Neal Stern, executive vice president and chief operations officer for PRA,
said, "Identity theft is one of the most stressful and painful things that can
happen to a consumer. When we identify someone who has been victimized, we go
above and beyond to help. We began offering this service through TransUnion
two years ago to help people navigate the time-consuming process of restoring
their identity. We're pleased with the program's success so far, and we look
forward to continuing to help consumers resolve fraud and identity theft
associated with their financial accounts."
Steve Reger, director of TransUnion's Fraud Victim Assistance Department and
consumer relations, commented, "TransUnion was one of the first credit
reporting companies to establish a Fraud Victim Assistance Department, with
the goal of helping consumers prevent and recover from identity theft and
fraud. We are pleased to be working with PRA to extend these services to
others, and we appreciate their commitment to helping consumers resolve
financial issues and minimizing the impact an event like this could have on
For more information on PRA's identity theft recovery program, please visit
About Portfolio Recovery Associates
Portfolio Recovery Associates, Inc. (PRA) is a financial and business services
company. A market leader in the consumer debt purchase and collection
industry, PRA has a longstanding culture of compliance, engaging
collaboratively with its customers to create realistic, affordable repayment
plans. The company provides a broad range of business services to local
government, auto lenders, law enforcement, institutional investors,
manufacturers and retailers, and U.K. banks and creditors.
PRA was recognized as one of Fortune's 100 Fastest Growing Companies in 2012.
The company also was named one of Forbes' Top 25 Best Small Companies in
America in 2012, and has been annually ranked as one of Forbes' 100 Best Small
Companies since 2007. For more information, please visit
The Portfolio Recovery Associates logo is available at
As a global leader in credit and information management, TransUnion creates
advantages for millions of people around the world by gathering, analyzing and
delivering information. For businesses, TransUnion helps improve efficiency,
manage risk, reduce costs and increase revenue by delivering comprehensive
data and advanced analytics and decisioning. For consumers, TransUnion
provides the tools, resources and education to help manage their credit health
and achieve their financial goals. Through these and other efforts, TransUnion
is working to build stronger economies worldwide. Founded in 1968 and
headquartered in Chicago, TransUnion reaches businesses and consumers in 32
countries around the world on five continents. www.transunion.com/business.
The TransUnion logo is available at
CONTACT: Media Contacts:
Assistant Vice President, Corporate Communications
Portfolio Recovery Associates
Sr. Director, Corporate Communications
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